I wanted to share about my first rental property that I closed on last September 2015.I was VERY scared if losing money but I was more scared of not taking action.......Working with "estimate" numbers for the first time can be so nerve wrecking and can most certainly cause analysis paralysis but here's what I did..First, I got a qualification for an FHA loan.Got approved for $220,000 so only then did I start narrowing down which neighborhoods I could get into.Since the inventory was extremely and IS still low and prices high I had to go to a D neighborhood.This made me very scared, especially because where I could actually afford and where there were Multi families available were at least an hour away....but again.....more scared of not taking action....I found a 3 family and waited to hear from loan officer how much my monthly payments would be.Once I found that out, I went on to rentometer.com to see how much market rents go in that area.I then tried to come up with all other expenses which wereWater-Public Utility (Hallway lights)Future ExpensesI put all those together and seemed like the numbers worked so I went for it and CLOSED.

Sounds like time is a real factor.Consider refinancing your existing properties, leverage them to acquire more, you really need to examine this closely, finance terms, your cash flow and how you use your money.I suggest you not partner, generally such deals can take more time, dealing with partners and tenants and your return is split, it can be valuable for younger beginners who can contribute more time and effort with limited funds.You may also consider seller financed deals, you can pledge the equity of one property (as a second) to leverage the next deal, you give some cash and a note to your seller. 

Examine your Cash on Cash, based on your financing and cost projections with your pro forma income, keeping all things as equal as you can between each property analysis selecting the best opportunity is a much better approach.

there are deals in every market. not every area has a market though. market is defined as where houses are being bought/sold.the best DEALS are harder to find. maybe you have to examine 100-200 units to find the one gem.

@Amy Verges I will definitely reach out and continue to examine the Baton Rouge area in more detail.

Definitely helps ease the nerves on my first new build!

180 hours + exam in Texas?

If the book has started you down a path of examining your finances and exploring investing that is great.

I would like it removed and a soil examination.

Using the flipping calculator was awesome to reassure my numbers and myself as it was a bit nerve racking doing my first deal.